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Acquisition Closes Lid on Coffin Bay Oyster Firm

Coffin Bay oyster firm Angel Seafood has delisted from the Australian Inventory Alternate after its takeover by Queensland agribusiness fund managers Laguna Bay was formally authorized.

Angel Seafood filed the injunction with the Australian Securities and Investments Fee and requested ASX to delist its shares from the market shut yesterday.

Shareholders will likely be paid $0.20 per Angel share, the corporate’s highest share value since January 2020, simply earlier than the coronavirus pandemic.

The $32 million acquisition was supported by greater than 98 % of shareholders on the June 10 scheme assembly earlier than its approval by the Federal Court docket on Monday.

The Port Lincoln-based firm has oyster leases on the Eyre Peninsula at Coffin Bay, Cowell and Haslam and bought a report 1.6 million oysters price $1.3 million in April because of a robust Easter interval.

Brisbane-based Laguna Bay launched its takeover bid in December, following the launch of Angel’s three-pillar progress technique in 2020, which goals to extend manufacturing to twenty million oysters a 12 months.

Angel’s founder and CEO, Zac Halman, retains a major proportion of his shareholding and stays concerned within the enterprise.

Listed on the Australian Inventory Alternate in 2018, Angel Seafood has grown from a South Australian household enterprise to turn into the state’s largest licensed natural and sustainable producer of Pacific oysters.

Angel reported report gross sales of $8.4 million in 2021 regardless of a four-week shutdown resulting from an sickness outbreak within the run-up to Christmas that price him greater than $1.7 million in misplaced gross sales and refunds.

Picture: Robert Lang

The corporate primarily sells oysters to the home market by means of wholesale, industrial, retail and restaurant channels, with some exports to Asia.

Angel Seafoods Chairman Tim Goldsmith informed the corporate’s AGM on Could 25 that shareholders ought to help the plan in response to Laguna Bay.

“Whereas the outcome just isn’t what we anticipated once we first listed, each the unbiased board committee and the unbiased professional concluded that the scheme is in the most effective curiosity of Angel shareholders,” he informed the AGM.

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